
The Bar Plan Mutual Insurance Company has partnered with Tokio Marine HCC-Cyber & Professional Lines Group to offer increased limits of Cyber Liability Insurance.
Small to mid-sized businesses continue to suffer from increasing attacks via email phishing and socially-engineered fraud activities. 3 out of 4 small businesses don’t have the personnel to address IT Security. Law firms are not exempt from this risk as they maintain vast amounts of sensitive data including privacy exposures (clients, employees, etc), personally identifiable information, protected health information, financial data, confidential client files, trade secrets, attorney-client communications, work product/analysis/case strategies. Should a data breach occur, law firms can be exposed to claims for liability, reputational harm, and significant losses in complying with breach notification laws.
In addition to the Cyber Liability Coverage included with The Bar Plan Lawyers Professional Liability policy, The Bar Plan now offers existing policyholders a program to purchase increased limits, underwritten by Tokio Marine HCC – Cyber & Professional Lines Group on its NetGuard® Plus Cyber Liability Insurance Policy. Whether you are a solo practitioner or a large law firm, purchasing NetGuard® Plus can provide your firm with the peace of mind knowing you have the necessary protection in place should a cyber claim occur.
If you do not meet the program qualifications, you can still be considered for coverage outside the program.
The Bar Plan added Cyber Liability Coverage to all full-time policies with an effective date on or after January 1, 2018. Limits of liability are $50,000 per claim, with aggregate limits of $50,000 for firms up to 10 attorneys, or $150,000 for firms with more than 10 attorneys. This coverage is provided at no additional premium for full-time policies. For more information on this coverage, click here.